HomeMy WebLinkAboutRESOLUTION - 32-86 - 4/22/1986 - LOC ACCEPT/BETTER LIVING SUBRESOLUTION NO. 32-86
A RESOLUTION ACCEPTING AN IRREVOCABLE LETTER OF CREDIT
FROM ARLINGTON FEDERAL SAVINGS AND LOAN ASSOCIATION IN
THE AMOUNT OF $83,100.00 TO GUARANTEE COMPLETION OF
PUBLIC IMPROVEMENTS IN BETTER LIVING SUBDIVISION
NOW, THEREFORE, BE IT RESOLVED by the President and Board of
Trustees of the Village of Elk Grove Village, Counties of Cook and DuPage,
State of Illinois:
Section 1: That the President and Board of Trustees do hereby
authorize the acceptance of an Irrevocable Letter of Credit from Arlington
Federal Savings and Loan Association in the amount of $83,100.00 to guarantee
the completion of public improvements in the Better Living Subdivision, the
legal description as fully described in Exhibit "A" attached hereto and
made a part hereof, and in accordance with engineering drawings and spec-
ifications with revisions dated March 18, 1986, prepared by Norman J. Tober-
man, 615 W. Rockwell, Arlington Heights, Illinois and approved by the Engineer-
ing Department of the Village of Elk Grove Village on April 14, 1986. Said
letter of Credit No. LC-EGV-1986-1 becoming effective March 21, 1986 and
expiring July 1, 1987.
Section 2: That this Resolution shall be in full force and effect
from and after its passage and approval according to law.
PASSED this 22nd
APPROVED this 22nd
ATTEST.
Patricia S. Smith
Village Clerk
day of April , 1986.
day of April , 1986.
Charles J. Zettek
Village President
EXHIBIT "A"
LEGAL DESCRIPTION
THE SOUTH 290 FEET (MEASURED ALONG THE EAST LINE) OF
THE EAST 450.65 FEET (MEASURED ON THE SOUTH LINE) OF
THAT PART OF THE SOUTHEAST 1/4 OF SECTION 29, TOWNSHIP
41 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN,
DESCRIBED BY BEGINNING AT A POINT IN THE WEST LINE OF
SAID QUARTER 21.44 CHAINS (1415.04 FEET) NORTH OF THE
SOUTHWEST CORNER OF SAID SOUTHEAST 1/4; THENCE SOUTH
87 DEGREES EAST 1479 FEET TO AN IRON STAKE IN THE CENTER,
OF ROAD; THENCE NORTHERLY IN THE CENTER OF SAID ROAD
450.89 FEET TO AN ANGLE IN SAID ROAD; THENCE NORTH IN THE
CENTER OF SAID ROAD 84.11 FEET TO AN IRON STAKE; THENCE
NORTH 89 AND THREE FOURTHS DEGREES WEST 1499.4 FEET TO
A POINT IN THE WEST LINE OF SAID QUARTER 535 FEET NORTH
OF PLACE OF BEGINNING; THENCE SOUTH ALONG THE WEST LINE
OF SAID QUARTER 535 FEET TO THE PLACE OF BEGINNING, IN
COOK COUNTY, ILLINOIS.
cA ton -Feder
- - - -" Campbell and Evergreen Streets, Arlington Heights, III. 60005 (312) 255-9000
IRREVOCABLE LETTER OF CREDIT
Completion Guaranty
Letter of Credit No._,C1C pgp6_�
DateMarch 21, 1986
Village of Elk Grove Village Amount $83,100.00)
901 Wellington Avenue Project Better Living Subdivision
Elk Grove, Illinois 60007
Completion Date April 1, 1987
(1 yr. minimum)
Expiration Date July 1, 1987
(90 days after completion date)
Gentlemen:
We hereby establish our Irrevocable Straight Letter of Credit in your
favor for the account of Better Living Company, Inc., 530 S. Arlington
Heights Road, Arlington Heights, Illinois, hereafter called the "Developer",
in the agrregate amount of Eighty Three Thousand One Hundred and 00/100ths
Dollars, U.S. Currency, available by your draft drawn on sight and marked
"Drawn under Arlington Heights Federal Savings and Loan Association
# LC-EGV-1986-1 dated ?March 21, 1986 "
These monies are to guarantee the completion of public improvements for the
following project: BETTER LIVING SUBDIVISION, 500 S. Arlington Heights Rd.,
Elk Grove, Illinois (the "Project") described in the engineering plans and
specifications with revisions dated March 18, 1986, prepared by Norman J.
h Tober*an,Associates,615 W. Rockwell, Arlington Heights, Illinois, approved
on 1986 and agreements (including any
amendments thereof) on the property legally described in Exhibit A (attached
hereto and made part thereof). Monies may be drawn on sight by the Village
of Elk Grove Village when accompanies by the following document:
ARLINGTON HEIGHTS FEDERAL SAVINGS AND LOAN ASSOCIATION
A signed statement by the Village Manager or any other
duly authorized official of the Village of Elk Grove
Village certifying that any portion of the site improve-
ments has not been satisfactorily completed in accord-
ance with the Approved plans and specifications with
revisions dated March 18, 1986, prepared by Norman J.
Toberman Associates' fi615 [ypR;lockwell' ' Arlington Heights ,I{ _
rIAF .. -
Illinois, approved on 1986 &V—
and agreements (including any amendments thereof) for
the following project:
BETTER LIVING SUBDIVISION
the "Project"), on property legally described in
Exhibit A.
(Attached and made part of).
The improvements in the above described project consist of: (X appropriate
boxes).
71 Watermain and Appurtenances
ElSanitary Sewer and Appurtenances
DStorm Sewer and Appurtenances
1J Roadway (Curb & Gutter, Pavement)
1X1 Sidewalk
7X1 Street Lights
ElParkway (Trees, etc.)
D Traffic Control (Signals, Signs, Markings)
DPonds (Detention/Retention)
Excavation (Soil Erosion Control, Stockpile)
Other
These improvements itemized above shall be completed on or before
April 1 , 1987. If said improvements have not been properly installed and
satisfactorily completed on or before that date as reasonably determined
by the Village Engineer, then the Village of Elk Grove Village (the
"Village") is hereby granted authority to draw upon this Irrevocable Letter
of Credit for the purpose of completing fully said improvements in accord-
ance with the provisions herein and above set forth.
The principle amount of this Irrevocable Letter of Credit shall not
be reduced for any public improvements installed or completed unless such
reduction is approved by the Village Engineer in writing and then only
2
in the exact amount of such payments less 10% for interim maintenance.
This remaining amount shall never be reduced to an amount less than 110%
of the estimated costs to complete the remaining public improvements plus
10% of the cost of the completed public improvements as a guarantee for
maintenance purposes. The Village may submit its sight drafts as herein
above provided without the consent of the Better Living Co., Inc., 530 S.
Arlington Heights Road, Arlington Heights, Illinois, or any other party.
Partial drawings are permitted under this Irrevocable Letter of
Credit. Said drafts may be submitted for payment for a ninety (90) day
period following the completion date of this Irrevocable Letter of Credit
and said draft shall be duly honored upon presentation during the ninety
day (90) days in accordance with the terms and provisions herein contained.
If, within thirty (30) days of the date of any demand (made in con-
formity with this Irrevocable Letter of Credit) presented, we fail to honor
same, we agree to pay all attorney fees, court costs and other reasonable
expenses incurred by the Village of Elk Grove Village in enforcing the
terms of this Irrevocable Letter of Credit. The amount of each draft must
be endorsed on the reverse side of the original Irrevocable Letter of Credit
by the Village Engineer and attested by the Clerk. This Irrevocable Letter
of Credit shall be utilized to secure the installation of all improvements
required under the Municipal Code of the Village of Elk Grove Village
and specified on the engineering drawings and in the specifications and
agreements. This Irrevocable Letter of Credit shall not operate as a
limitation upon the obligation of the Better Living Company, Inc. to pro-
perly completely install all improvements required by the Village of Elk
Grove Village.
It is a condition of this Irrevocable Letter of Credit that it shall
be automatically extended for one year from the present expiration date
hereof unless thirty (30) days prior to such expiration date the Village
Manager shall notify the undersigned in writing, certified mail, return
receipt requested that he or she, based upon the advice and supporting
documentation from the Village Engineer that he or she does elect not to
arbitrarily request renewal of this Irrevocable Letter of Credit for such
additional one (1) year period without due cause.
The undersigned shall notify the Village Manager, by certified mail,
return receipt requested, at least ninety (90) days prior to said expira-
tion date that said Irrevocable Letter of Credit is about to expire. It
is expressly agreed by the undersigned that the expiration date shall be
automatically extended as shall be required to comply with this notice
provision and the requirements stated previously.
3
This Irrevocable Letter of Credit is subject to the "Uniform Customs
and Practice for Documentary Credit, the International Chamber of Commerce
Publication #290, most recent revision," except as herein above modified.
Issuing
By:
We hereby agree with the drawers, indorsers, and
bona fide holders of drafts drown in compliance
with the terms of this credit that they shall be SEAL
honored on presentation.
Dated: March 21, 1986
tial In titution: ARLINGTON HEIGHTS FEDERAL SAVINGS & LOAN ASSOC.
Executiive Vice President Vice President
Developer/Owner
"The undersigned hereby acknowledges the absolute right
of the Village of Elk Grove Village to draw on this
Irrevocable Letter of Credit subject to the conditions
herein set forth and waives any right to enjoin the
Village from so proceeding."
Date:
BETTE LIVID C�NY, NC
Developer/Owner: (1) ,� 1,G(L-,/,/��/��0
r
(2)
*Note: (1) If property is in a trust, attach a copy of the Trust Agreement
as an Exhibit.
4
04i,s 0rust Agrrrm nt,dated this----2nd--------day of---_SanuarV-----------........
19--86 --- ........ and known as Trust Number -------- 1636---------------------------- is to certify that the MOUNT PROSPECT STATE
BANK- a corporation of Illinois as trustee hereunder, is about to take title to the following described real estate
Cook
-------•------ County, Illinois, to-wn;
THE SOUTH 290 FEET (MEASURED ALONG THE EAST LINE) OF THE EAST 450.65 FEET
(MEASURED ON THE SOUTH LINE) OF THAT PART OF THE SOUTHEAST 1/4 OF SECTION 29,
TOWNSHIP 41 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, DESCRIBED BY
BEGINNING AT A POINT IN THE WEST LINE OF SAID QUARTER 21.44 CHAINS (1415.04 FEET)
NORTH OF THE SOUTHWEST CORNER OF SAID SOUTHEAST 1/4; THENCE SOUTH 87 DEGREES EAST
1479 FEET TO AN IRON STAKE IN THE CENTER OF ROAD; THENCE NORTHERLY IN THE CENTER
OF SAID ROAD 450.89 FEET TO AN ANGLE IN SAID ROAD; THENCE NORTH IN THE CENTER OF
SAID ROAD 84.11 FEET TO AN IRON STAKE; THENCE NORTH 89 AND THREE FOURTHS DEGREES
WEST 1499.4 FEET TO A POINT IN THE WEST LINE OF SAID QUARTER 535 FEET NORTH OF
PLACE OF BEGINNING; THENCE SOUTH ALONG THE WEST LINE OF SAID QUARTER 535 FEET TO
THE PLACE OF BEGINNING, IN COOK COUNTY, ILLINOIS.
otherwise known as No..........500 S. Arlington Heights Rd., Elk Grove Villa . . . ....
ger •Illinois
.........................................................................................................
and that when it has taken the title thereto, or has accepted title, in writing, to any other real estate deeded to it as trustee
hereunder, it will hold it for the uses and purposes and upon the trusts herein set forth. The following named persons shall
be entitled to the earnings, avails and proceeds of said real estate according to the respective interests herein set forth, to -wit:
Better Living Co., Inc., an Illinois Corporation
IT IS UNDERSTOOD AND AGREED between the Parties hereto, and by any person or persons who may
become entitled to any interest under this trust, that the interest of any beneficiary hereunder shall consist solely of
a power of direction to deal with the title to said property and to manage and control said property as hereinafter
provided,and the right to receive the proceeds from rentals and from mortgages, sales or other disposition of said
premises, and that such right in the avails of said property shall be deemed to be personal property, and may be asrlg,ed
and transferred as such; that in case of death of any beneficiary hereunder during the existence of this trust, his
or her right and interest hereunder shall, except as herein otherwise specifically provided, pass to his or her executor or
administrator, and not to his or her heirs at law; and that no beneficiary now has, and that no beneficiary hereunder at
any timeshall have any right, title or interest in or to any portion of said real estate as such, either legal or equitable,
but only an interest in the earnings, avails and proceeds as aforesaid. The death of any bneficiary hereunder shall not
terminate the trust nor in any manner affect the powers of the trustee hereunder. No assignment of any beneficial interest
hereunder shall be binding on the trustee until the original or a duplicate of the assignment is lodged with ;he trustee
and accepted by the trustee and every assignment of any beneficial interest hereunder, the original or duplicate of which
shall not have been lodged with and accepted by the trustee, shall be void as to all subsequent assignees or purchasers
without notice.
Nothing contained in this agreement shall be construed as imposing any obligation on the trustee' to file any income,
profit or other tax reports or schedules, it being expressly understood that the beneficiaries from time to time will individually
make all such reports, and pay any and all taxes, required with respect to the earnings, avails and proceeds of said real estate
or growing out of their Interest under this trust agreement.
In case said Trustee shall make any advances of money on account of this Trust or there is any dispute, controversy or litigation
on account of holding title to said real estate or in connection with this Trust, or in case said Trustee shall be compelled to pay
any sum of money on account of this Trust, whether on account of breach of contract, injury to person or property, fines
or penalties under any law or otherwise, the beneficiaries hereunder do hereby jointly and severally agree that they will on
demand pay to the said Trustee, with interest thereon at the rate of 7% per annum, all such disbursements or advances or
payments made by said Trustee, together with its expenses, including the reasonable fees of its attorneys, and that the said Trustee shall
not be called upon to convey or otherwise deal with said property at any time held hereunder until all of said disbursements,
payments, advances and expenses made or incurred by said Trustee shall have been fully paid, together with interest thereon as aforesaid.
owever, nothing herein contained shall be construed as requiring the Trustee to advance or pay out any money
on account of this Trust or to prosecute or defend any legal proceeding involving this Trust or any property or interest
thereunder unless it shall be furnished with funds sufficient therefor or be satisfactorily indemnified in respect thereto. In the
event the Trustee is served with process or notice of legal proceedings or any other matter concerning the Trust or the Trust
property, the sole duty of the Trustee in connection therewith shall be to forward the Process or notice by first class mail to the
parson designated herein as the person to whom inquiries or notices shall be sent or, to the absence of such designation, to the
beneficiaries. The last address appearing in the records of the Trustee shall be used for such mailing.
It shall not be the duty of the purchaser of said premises or of any part thereof to see to the application of the purchase
money paid therefor; nor shall any one who may deal with said trustee be required or privileged to inquire into the necessity
or expediency of any act of said trustee, or of provisions of this instrument.
This trust agreement shall not be placed on record in the Recorder's Office of the county in which the land is situated,
or elsewhere, however the recording of the same shall not be considered as notice of the rights of any person hereunder,
derogatory to the title or powers of said trustee.
The Trustee may at any time resign by sending by registered mail a notice of its intention so to do to each of the
then beneficiaries hereunder at his or her address last known to the Trustee. Such resignation shall become effective
ten days after the mailing of such notices by the Trustee. In the event of such resignation, a successor or successors may
be appointed by the person or persons then entitled to direct the Trustee in the disposition of the trust property, and the
Trustee shall thereupon convey the trust property to such successor or successors in trust. In the event that no successor
in trust is named as above provided within ten days after the mailing of such notices by the Trustee, then the Trustee may
convey the trust property to the beneficiaries in accordance with their respective interests hereunder, and the
deed of conveyance may be recorded or registered, as the case may be, by the Trustee- or the Trustee may, at its
option, file a bill for appropriate relief in any court of competent jurisdiction. The Trustee notwithstanding such
resignation shall continue to have a first lien on the trust property for its costs. expenses and attorneys' fees and for
its reasonable compensation.
Every successor Trustee or Trustees appointed hereunder shall become fully vested with all the estate, properties,
rights, powers, trusts, duties and obligations of its, his or theiredecessor.
Mi,erj
It is understood and agreed by the parties hereto and by any person who may hereafter become a party hereto, that
said Mount Prospect State Bank will deal with said real estate only when authorized to do so in writing, and
that (notwithstanding any change in the beneficiary or beneficiaries hereunder) it will, on the written direction of
The President and the Secretary/Treasurer as designated in writing to the Trustee
on a Certified Resolution of the Board of Directors of Better Living Co., Inc.
or will on the written direction of such other person or persons as shall be from time to itme named in writing by the
beneficiary or beneficiaries, or on the written direction of such person or persons as may be beneficiary or beneficiaries at
the time, make deeds for, or otherwise deal with the title to said real estate, and may upon direction of the beneficiaries
or their legal representatives, convey the trust property directly to another trustee on behalf of said beneficiaries, or
others named by said beneficiaries, provided, however, that the trustee shall not be required to enter into any personal
obligation or Liability in dealing with said land or to make Itself liable for any damages, costs, expenses, fines or penalties,
or to deal with the titin so long as say money is due to it hereunder. Said power of direction shall Include the right to
direct the trustee in mattars regarding receipt, payment or disposition of funds or proceeds to which the beneficiaries
are entitled. The trustee shelf not be required to inquire into the propriety of any such direction. The beneficiaries by
written Instrument delivered to the trustee may revoke the foregoing power of direction and designate the person or
persons thereafter to exercise the power of direction. Such instrument $hW be signed by all beneficiaries at that time.
Mortgagee or Trust Deeds made and executed by the Trustee may include waiver of any and all rights of redemption
from sale under any order or decree of foreclosure of such Mortgage or Trust Deed.
Nothing contained in this agreement shall be construed as imposing any obligation on the trustee to file any income, profit
or other tax reports or schedules, it being expressly understood that the beneficiaries from time to time will individually make
all such reports, and pay any and all taxes, required with respect to the earnings, avails and proceeds of said real estate or
growing out of their interest under this trust agreement.
The beneficiary or beneficiaries hereunder, in his, her or their own right shall have the management of said property
and control of the selling, renting and handling thereof, and said trustee shall have no duty in respect to such management
or control, or the collection, handling or application of such rents, earnings, avails or proceeds, or in respect to the pay-
ment of taxes or assessments or in respect to insurance, litigation or otherwise, except on written direction as hereinabove
Rrovided, and after the payment to it of all money necessary to carry out said instructions. No beneficiary hereunder shall
ave any authority to contract for or in the name of the trustee or to bind the trustee personally. If any property remains
in this trust twenty years from this date or any extension thereof, it shall be sold at public sale by the trustee on reasonable
notice, and the proceeds of the sale shall be divided among those who are entitled thereto under this trust agreement.
n 3
The Trustee shall receive for its services in accepting this Trust and taking title hereunder the sum of S -res ---A'- ------------
and in addition each year in advance for holding title after one year from the date hereof an annual in as determined by the Trustee's then
current rate schedule and also its regular scheduled fees for executing deeds, mortgages or other instruments. It shall receive reasonable
compensation for any special services which may be rendered by it and for taking and holding any other property which may hereafter be
conveyed to it hereunder, which fees, charges and other compensation the beneficiaries jointly and severally agree to pay. If the value of the
property is increased for any reason after the Trustee has accepted title thereto, the Trustee shall be entitled to a reasonable additional annual
in, in accordance with its scheduled fees for holding title to the property.
IN TESTIMONY WHEREOF, the Mount Prospect State Bank has caused these presents to be signed by its Trust Officer
and attested by its Assistant Secretary, and has caused its corporate seal to be hereto attached as and for the act and deed
of said corporation, the day and date above written.
MO ROSPECr STATE BANK
By ........ _:........... .............:. ......... .. t .... .
h s±
TrusOfficer
Attest: ................................................................................
Assistant Secretary
And on said day the said beneficiaries have signed this Declaration of Trust and Trust Agreement in order to
signify their assent to the terms hereof.
irle`cer Lieing Co. Inc. 530 S. Arlington Heights .... Rd.,1�:�V,4#6(
.......... ....... ....... .................. AL] .......................................................
Address Social Securit No. (or I.D.)
Arlin ton Hei Heights, IL 60005
By: . ... ...... .----•....................... ...._g......................................................................................
AL]
President Address Social Security No. (or I.D.)
G............ [seALl .......
OF
....� ../ • .,.. ....... L]
tretary/Treasurer
..........................................................................]SEAL]
�J
Social Security No. (or I.D.)
Address Social Security No. (or I.D.)
.....................................................................................................
Address Social Securit..No. (or I.D.)
May the name of any beneficiary be disclosed to the public?.......... NR................................................................................
beneficiary
Refer written inquiries, bills, legal notices and other matters by first class mail to..........................................................................
May oral inquiries be referred directly?..... .................To whom?....................................................................................
1040 S. Arlington Heights Rd.
Attorney for beneficiaries....._Robert J. Sabin,,,,,Arli.RB.C.9.B...N.E.g)?.i.S.,...7T+._...b.Q.00.S.................................
LL
C
c.i
F
co
w
d
0Hey
H
c
aw
w
®
7
M
�
Z v
n
A
s
Q
F E
LL